<?xml version="1.0" encoding="UTF-8"?>
<!DOCTYPE article PUBLIC "-//NLM//DTD JATS (Z39.96) Journal Publishing DTD v1.3 20210610//EN" "JATS-journalpublishing1-3.dtd">
<article article-type="research-article" dtd-version="1.3" xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xml:lang="ru"><front><journal-meta><journal-id journal-id-type="publisher-id">sseu</journal-id><journal-title-group><journal-title xml:lang="ru">Вестник Самарского государственного экономического университета</journal-title><trans-title-group xml:lang="en"><trans-title>Vestnik of Samara State University of Economics</trans-title></trans-title-group></journal-title-group><issn pub-type="ppub">1993-0453</issn><publisher><publisher-name>Самарский государственный экономический университет</publisher-name></publisher></journal-meta><article-meta><article-id custom-type="elpub" pub-id-type="custom">sseu-96</article-id><article-categories><subj-group subj-group-type="heading"><subject>Research Article</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="ru"><subject>ФИНАНСЫ, ДЕНЕЖНОЕ ОБРАЩЕНИЕ И КРЕДИТ</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="en"><subject>FINANCE, MONEY CIRCULATION AND CREDIT</subject></subj-group></article-categories><title-group><article-title>Влияние принудительной инклюзивности: как ESG-стратегии меняют игровую индустрию и культурные ценности</article-title><trans-title-group xml:lang="en"><trans-title>The impact of forced inclusion: how ESG strategies are changing the gaming industry and cultural values</trans-title></trans-title-group></title-group><contrib-group><contrib contrib-type="author" corresp="yes"><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Панфилова</surname><given-names>О. В.</given-names></name><name name-style="western" xml:lang="en"><surname>Panfilova</surname><given-names>O. V.</given-names></name></name-alternatives><bio xml:lang="ru"><p>Ольга Вячеславовна Панфилова - кандидат экономических наук, доцент, доцент кафедры финансов, руководитель научного содержания магистерской программы «Корпоративные финансы и оценка бизнеса»</p><p>Санкт-Петербург</p></bio><bio xml:lang="en"><p>Olga V. Panfilova - Candidate of Economic Sciences, Associate Professor, Associate Professor of the Department of Finance, Head of the scientific content of the Master's program "Corporate Finance and Business Valuation"</p><p>Saint Petersburg</p></bio><email xlink:type="simple">ov27vp8@yandex.ru</email><xref ref-type="aff" rid="aff-1"/></contrib><contrib contrib-type="author" corresp="yes"><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Бабин</surname><given-names>Э. И.</given-names></name><name name-style="western" xml:lang="en"><surname>Babin</surname><given-names>E. I.</given-names></name></name-alternatives><bio xml:lang="ru"><p>Эдгар Игоревич Бабин - магистрант</p><p>Санкт-Петербург</p></bio><bio xml:lang="en"><p>Edgar I. Babin - undergraduate student</p><p>Saint Petersburg</p></bio><email xlink:type="simple">edgarness03@gmail.com</email><xref ref-type="aff" rid="aff-1"/></contrib><contrib contrib-type="author" corresp="yes"><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Спехов</surname><given-names>Н. И.</given-names></name><name name-style="western" xml:lang="en"><surname>Spekhov</surname><given-names>N. I.</given-names></name></name-alternatives><bio xml:lang="ru"><p>Нестор Иванович Спехов - магистрант</p><p>Санкт-Петербург</p></bio><bio xml:lang="en"><p>Nestor I. Spekhov - undergraduate student</p><p>Saint Petersburg</p></bio><email xlink:type="simple">nekita.ukhov@mail.ru</email><xref ref-type="aff" rid="aff-1"/></contrib></contrib-group><aff-alternatives id="aff-1"><aff xml:lang="ru"><institution>Санкт-Петербургский государственный экономический университет</institution></aff><aff xml:lang="en"><institution>St. Petersburg State University of Economics</institution></aff></aff-alternatives><pub-date pub-type="collection"><year>2025</year></pub-date><pub-date pub-type="epub"><day>03</day><month>12</month><year>2025</year></pub-date><volume>0</volume><issue>8</issue><fpage>139</fpage><lpage>152</lpage><permissions><copyright-statement>Copyright &amp;#x00A9; Панфилова О.В., Бабин Э.И., Спехов Н.И., 2025</copyright-statement><copyright-year>2025</copyright-year><copyright-holder xml:lang="ru">Панфилова О.В., Бабин Э.И., Спехов Н.И.</copyright-holder><copyright-holder xml:lang="en">Panfilova O.V., Babin E.I., Spekhov N.I.</copyright-holder><license xml:lang="ru" license-type="creative-commons-attribution" xlink:href="https://creativecommons.org/licenses/by/4.0/" xlink:type="simple"><license-p>Данная работа распространяется под лицензией Creative Commons Attribution 4.0.</license-p></license><license xml:lang="en" license-type="creative-commons-attribution" xlink:href="https://creativecommons.org/licenses/by/4.0/" xlink:type="simple"><license-p>This work is licensed under a Creative Commons Attribution 4.0 License.</license-p></license></permissions><self-uri xlink:href="https://vestnik.sseu.ru/jour/article/view/96">https://vestnik.sseu.ru/jour/article/view/96</self-uri><abstract><p>Компании в настоящее время стремятся повысить свой ESG-рейтинг, чтобы завоевать интерес со стороны инвестиционных фондов и инвесторов, чья текущая и долгосрочная программа активного и пассивного инвестирования ориентирована на устойчивое развитие. Особенно данный тренд заметен в индустрии видеоигр: компании все чаще привлекают специализированные агентства для усиления своей социальной и управленческой составляющей рейтинга ESG путем внедрения инклюзивных составляющих. Однако их принудительное введение без учета культурных различий и предпочтений аудитории может приводить к противоречивым результатам. Цель статьи – рассмотреть, как эта практика влияет на инвестиционную привлекательность игровых компаний и их финансовые результаты в долгосрочной перспективе. В целях решения задач настоящего исследования рассматриваются отдельные аспекты деятельности компании Sweet Baby Inc., за услугами которой крупнейшие игроки сферы видеоигр обращаются, чтобы сделать свой контент более инклюзивным в плане гендера, расы и пола, а также повысить свой рейтинг для привлечения крупных вложений от таких фондов, как BlackRock или Vanguard. Исследование затрагивает вопрос, насколько глубоко могут продвинуться игровые студии, чтобы привлечь аудиторию, вплоть до переписывания историй, разрушения принятых в обществе норм, ценностей и морали. Научная новизна данного исследования заключается в том, что впервые проводится комплексный анализ влияния ESG-стратегий, в частности инклюзивности, на игровую индустрию с учетом культурных различий аудитории. В отличие от предыдущих исследований, которые фокусировались на традиционных отраслях, таких как энергетика и финансы, данная работа рассматривает уникальные аспекты игровой индустрии, где взаимодействию с аудиторией отводится ключевая роль.</p></abstract><trans-abstract xml:lang="en"><p>Companies are currently seeking to improve their ESG ratings to attract interest from investment funds and investors whose current and long-term active and passive investment programs are focused on sustainable development. This trend is particularly noticeable in the video game industry: companies are increasingly engaging specialized agencies to strengthen their social and governance component of the ESG rating by introducing inclusive components. However, their forced introduction without taking into account cultural differences and audience preferences can lead to contradictory results. The purpose of this article is to consider how this practice affects the investment attractiveness of gaming companies and their financial performance in the long term. To solve the objectives of this study, certain aspects of the activities of Sweet Baby Inc., a company that the largest players in the video game industry turn to make their content more inclusive in terms of gender, race, and sex, as well as to improve their ratings to attract large investments from funds such as BlackRock or Vanguard. The study addresses the question of how far gaming studios can go to attract audiences, including rewriting stories and destroying social norms, values, and morals. The scientific novelty of this study lies in the fact that for the first time, a comprehensive analysis of the impact of ESG strategies, in particular inclusivity, on the gaming industry is conducted, taking into account the cultural differences of the audience. Unlike previous studies, which focused on traditional industries such as energy and finance, this work considers the unique aspects of the gaming industry, where interaction with the audience plays a key role.</p></trans-abstract><kwd-group xml:lang="ru"><kwd>ценности</kwd><kwd>ESG</kwd><kwd>инклюзивность</kwd><kwd>деструктивное влияние</kwd><kwd>игровая индустрия</kwd><kwd>видеоигры</kwd><kwd>инвестиции</kwd><kwd>игровая сфера</kwd></kwd-group><kwd-group xml:lang="en"><kwd>values</kwd><kwd>ESG</kwd><kwd>inclusivity</kwd><kwd>destructive influence</kwd><kwd>gaming industry</kwd><kwd>video games</kwd><kwd>investments</kwd><kwd>gaming sphere</kwd></kwd-group></article-meta></front><back><ref-list><title>References</title><ref id="cit1"><label>1</label><citation-alternatives><mixed-citation xml:lang="ru">Аристанбаева Д.И. Аспекты устойчивого развития в стратегиях развития бизнеса // Финансовый бизнес. 2022. № 3 (225). С. 22–23.</mixed-citation><mixed-citation xml:lang="en">Aristanbayeva D.I. Aspects of sustainable development in business development strategies // Financial business. 2022. No. 3 (225). Pp. 22–23.</mixed-citation></citation-alternatives></ref><ref id="cit2"><label>2</label><citation-alternatives><mixed-citation xml:lang="ru">Губайдуллина Т.Н., Глазкова И.Н. Концептуальный подход к ESG-оценке как фактору устойчивого развития компании // Вестник Поволжского государственного технологического университета. Серия: Экономика и управление. 2023. № 1 (56). С. 5–15. doi:10.25686/2306-2800.2023.1.5.</mixed-citation><mixed-citation xml:lang="en">Gubaidullina T.N., Glazkova I.N. A conceptual approach to ESG assessment as a factor of sustainable development of a company // Bulletin of the Volga State Technological University. Series: Economics and Management. 2023. No. 1 (56). Pp. 5–15. doi:10.25686/2306-2800.2023.1.5.</mixed-citation></citation-alternatives></ref><ref id="cit3"><label>3</label><citation-alternatives><mixed-citation xml:lang="ru">Панфилова О.В. Современные подходы к формированию рейтинга устойчивого развития в целях финансирования инноваций // KANT. 2024. № 3 (52). С. 55–64. doi:10.24923/2222-243X.2024-52.10.</mixed-citation><mixed-citation xml:lang="en">Panfilova O.V. Modern approaches to the formation of a sustainable development rating in order to finance innovation // KANT. 2024. No. 3 (52). Pp. 55–64. doi:10.24923/2222-243X.2024-52.10.</mixed-citation></citation-alternatives></ref><ref id="cit4"><label>4</label><citation-alternatives><mixed-citation xml:lang="ru">Tariq Fance. Blackrock must face up to its failures on ESG. URL: https://www.cityam.com/blackrockmust-face-up-to-its-failures-on-esg/ (дата обращения: 02.12.2024).</mixed-citation><mixed-citation xml:lang="en">Tariq Fance. Blackrock must face up to its failures on ESG. URL: https://www.cityam.com/blackrockmust-face-up-to-its-failures-on-esg/ (date of access: 02.12.2024).</mixed-citation></citation-alternatives></ref><ref id="cit5"><label>5</label><citation-alternatives><mixed-citation xml:lang="ru">Trent J.F. The Sweet Baby Effect: ‘God Of War Ragnarök’ Peak Player Count Less Than Half Of ‘God Of War’. URL: https://thatparkplace.com/the-sweet-baby-effect-god-of-war-ragnarok-peak-player-count-lessthan-half-of-god-of-war/ (дата обращения: 02.12.2024).</mixed-citation><mixed-citation xml:lang="en">Trent J.F. The Sweet Baby Effect: ‘God of War Ragnarök’ Peak Player Count Less Than Half of ‘God of War’. URL: https://thatparkplace.com/the-sweet-baby-effect-god-of-war-ragnarok-peak-player-count-lessthan-half-of-god-of-war/ (date of access: 02.12.2024).</mixed-citation></citation-alternatives></ref><ref id="cit6"><label>6</label><citation-alternatives><mixed-citation xml:lang="ru">Trent J.F. Ubisoft Appears to Confirm ‘Assassin’s Creed Shadows’ Protagonists Yasuke And Naoe Are LGBTQ+. URL: https://thatparkplace.com/ubisoft-appears-to-confirm-assassins-creed-shadows-protagonistsyasuke-and-naoe-are-lgbtq/ (дата обращения: 29.11.2024).</mixed-citation><mixed-citation xml:lang="en">Trent J.F. Ubisoft Appears to Confirm ‘Assassin’s Creed Shadows’ Protagonists Yasuke And Naoe Are LGBTQ+. URL: https://thatparkplace.com/ubisoft-appears-to-confirm-assassins-creed-shadows-protagonistsyasuke-and-naoe-are-lgbtq/ (date of access: 29.11.2024).</mixed-citation></citation-alternatives></ref><ref id="cit7"><label>7</label><citation-alternatives><mixed-citation xml:lang="ru">Gamemag : [сайт]. URL: https://gamemag.ru/news/145776/assassins-creed-valhalla-lgbtq (дата обращения: 28.11.2024).</mixed-citation><mixed-citation xml:lang="en">Gamemag : [website]. URL: https://gamemag.ru/news/145776/assassins-creed-valhalla-lgbtq (date of access: 28.11.2024).</mixed-citation></citation-alternatives></ref><ref id="cit8"><label>8</label><citation-alternatives><mixed-citation xml:lang="ru">Индикатор акций за 5 лет. URL: https://ru.investing.com/equities/electronic-arts-inc (дата обращения: 22.11.2024).</mixed-citation><mixed-citation xml:lang="en">Stock indicator for 5 years. URL: https://ru.investing.com/equities/electronic-arts-inc (date of access: 22.11.2024).</mixed-citation></citation-alternatives></ref><ref id="cit9"><label>9</label><citation-alternatives><mixed-citation xml:lang="ru">Detecting corporate ESG performance: the role of ESG materialiti in corporate financial performance and risks / Sharon S. Yang, Jr-Wei Huang, Hing-Yi Chen, Min-Hung Tsay // The North American Journal of Economics and Finance. 2025. Vol. 76. doi:10.1016/j.najef.2025.102370.</mixed-citation><mixed-citation xml:lang="en">Detecting corporate ESG performance: the role of ESG materialiti in corporate financial performance and risks / Sharon S. Yang, Jr-Wei Huang, Hing-Yi Chen, Min-Hung Tsay // The North American Journal of Economics and Finance. 2025. Vol. 76. doi:10.1016/j.najef.2025.102370.</mixed-citation></citation-alternatives></ref><ref id="cit10"><label>10</label><citation-alternatives><mixed-citation xml:lang="ru">Мойжес Л. Скандал со Sweet Baby Inc. Правда ли, что за «повесточку» в играх платят?. URL: https://www.mirf.ru/videogames/sweet-baby-inc (дата обращения: 09.12.2024).</mixed-citation><mixed-citation xml:lang="en">Moyges L. The scandal with Sweet Baby Inc. Is it true that they pay for the "agenda" in games?. URL: https://www.mirf.ru/videogames/sweet-baby-inc (date of access: 09.12.2024).</mixed-citation></citation-alternatives></ref><ref id="cit11"><label>11</label><citation-alternatives><mixed-citation xml:lang="ru">Games Market Reports and Forecasts. URL: https://newzoo.com/games-market-reports-and-forecasts (дата обращения: 23.05.2025).</mixed-citation><mixed-citation xml:lang="en">Games Market Reports and Forecasts. URL: https://newzoo.com/games-market-reports-and-forecasts (date of access: 23.05.2025).</mixed-citation></citation-alternatives></ref><ref id="cit12"><label>12</label><citation-alternatives><mixed-citation xml:lang="ru">Игровые компании внедряют инклюзивность из-за ESG-рейтинга. URL: https://glasscannon.ru/2024/03/blizzard-entertainment-esg-dei-sweet-baby-inc/ (дата обращения: 07.12.2024).</mixed-citation><mixed-citation xml:lang="en">Gaming companies are introducing inclusivity because of the ESG rating. URL: https://glasscannon.ru/2024/03/blizzard-entertainment-esg-dei-sweet-baby-inc/ (date of access: 07.12.2024).</mixed-citation></citation-alternatives></ref><ref id="cit13"><label>13</label><citation-alternatives><mixed-citation xml:lang="ru">According to Goldman Sachs's prediction, the gaming industry environment has changed, which is not favorable for Netease. However, they are bullish on Tencent. URL: https://www.moomoo.com/news/post/39677883/according-to-goldman-sachs-s-prediction-the-gaming-industry-environment?level=1&amp;data_ticket=1730724397790452 (дата обращения: 09.12.2024).</mixed-citation><mixed-citation xml:lang="en">According to Goldman Sachs's prediction, the gaming industry environment has changed, which is not favorable for Netease. However, they are bullish on Tencent. URL: https://www.moomoo.com/news/post/39677883/according-to-goldman-sachs-s-prediction-the-gaming-industry-environment?level=1&amp;data_ticket=1730724397790452 (date of access: 09.12.2024).</mixed-citation></citation-alternatives></ref><ref id="cit14"><label>14</label><citation-alternatives><mixed-citation xml:lang="ru">Min Park, Aaron Toon, Trachi Zach. Sell-side analysts assessment of ESG risk // Journal of Accounting and Economics. 2024. doi:10.1016/j.jacceco.2024.101759.</mixed-citation><mixed-citation xml:lang="en">Min Park, Aaron Toon, Trachi Zach. Sell-side analysts assessment of ESG risk // Journal of Accounting and Economics. 2024. doi:10.1016/j.jacceco.2024.101759.</mixed-citation></citation-alternatives></ref><ref id="cit15"><label>15</label><citation-alternatives><mixed-citation xml:lang="ru">Студии опасаются нанимать бывших сотрудников Sweet Baby из-за возможного негатива со стороны игроков. URL: https://www.playground.ru/misc/news/studii_opasayutsya_nanimat_byvshih_sotrudnikov_sweet_baby_iz_za_vozmozhnogo_negativa_so_storony_igrokov-1724908 (дата обращения: 10.12.2024).</mixed-citation><mixed-citation xml:lang="en">Studios are afraid to hire former Sweet Baby employees because of possible negativity from the players. URL: https://www.playground.ru/misc/news/studii_opasayutsya_nanimat_byvshih_sotrudnikov_sweet_baby_iz_za_vozmozhnogo_negativa_so_storony_igrokov-1724908 (date of access: 10.12.2024).</mixed-citation></citation-alternatives></ref><ref id="cit16"><label>16</label><citation-alternatives><mixed-citation xml:lang="ru">Ефимова О.В. ESG аналитика в системе принятия инвестиционных решений: в поисках существенной информации // Вестник Воронежского государственного университета. Серия: Экономика и управление. 2023. № 2. С. 3–17.</mixed-citation><mixed-citation xml:lang="en">Efimova O.V. ESG analytics in the investment decision-making system: in search of essential information // Bulletin of Voronezh State University. Series: Economics and Management. 2023. No. 2. Pp. 3–17.</mixed-citation></citation-alternatives></ref><ref id="cit17"><label>17</label><citation-alternatives><mixed-citation xml:lang="ru">Рожнова О.В. Анализ практики выполнения ESG-повестки и предоставления соответствующей отчетности российскими организациями с государственным участием // Аудиторские ведомости. 2023. № 1. С. 13–17.</mixed-citation><mixed-citation xml:lang="en">Rozhnova O.V. Analysis of the practice of implementing the ESG agenda and providing appropriate reporting by Russian organizations with state participation // Audit Reports. 2023. No. 1. Pp. 13–17.</mixed-citation></citation-alternatives></ref><ref id="cit18"><label>18</label><citation-alternatives><mixed-citation xml:lang="ru">Brandon R.G., Kruger P., Schmidt P.S. ESG rating disagreement and stock returns // Financial Analysts Jornal. 2021. No. 77. Pp. 104–127.</mixed-citation><mixed-citation xml:lang="en">Brandon R.G., Kruger P., Schmidt P.S. ESG rating disagreement and stock returns // Financial Analysts Jornal. 2021. No. 77. Pp. 104–127.</mixed-citation></citation-alternatives></ref><ref id="cit19"><label>19</label><citation-alternatives><mixed-citation xml:lang="ru">Christensen D.M., Serafeim G., Sikochi A. Why is corporate virtue in the eye of the beholder? The case of ESG ratings // The Accounting Revie. 2022. No. 97. Pp. 147–175.</mixed-citation><mixed-citation xml:lang="en">Christensen D.M., Serafeim G., Sikochi A. Why is corporate virtue in the eye of the beholder? The case of ESG ratings // The Accounting Revie. 2022. No. 97. Pp. 147–175.</mixed-citation></citation-alternatives></ref><ref id="cit20"><label>20</label><citation-alternatives><mixed-citation xml:lang="ru">Eccles R.G., Ioannou I., Serafeim G. The Impact of corporate sustainability on organizational processes and performance // Management Science. 2014. Vol. 60, Issue 11. doi:10.1287/mnsc.2014.1984.</mixed-citation><mixed-citation xml:lang="en">Eccles R.G., Ioannou I., Serafeim G. The Impact of corporate sustainability on organizational processes and performance // Management Science. 2014. Vol. 60, Issue 11. doi:10.1287/mnsc.2014.1984.</mixed-citation></citation-alternatives></ref><ref id="cit21"><label>21</label><citation-alternatives><mixed-citation xml:lang="ru">Hunt D.V., Layton D., Prince S. Why diversity matters. URL: https://www.mckinsey.com/capabilities/people-and-organizational-performance/our-insights/why-diversity-matters (дата обращения: 03.03.2025).</mixed-citation><mixed-citation xml:lang="en">Hunt D.V., Layton D., Prince S. Why diversity matters. URL: https://www.mckinsey.com/capabilities/people-and-organizational-performance/our-insights/why-diversity-matters (date of access: 03.03.2025).</mixed-citation></citation-alternatives></ref><ref id="cit22"><label>22</label><citation-alternatives><mixed-citation xml:lang="ru">Yang Sh.S. Detecting corporate ESG performance: the role of ESG materiality in corporate financial performance and risks. URL: https://www.sciencedirect.com/science/article/abs/pii/S1062940825000105 (дата обращения: 25.03.2025).</mixed-citation><mixed-citation xml:lang="en">Yang Sh.S. Detecting corporate ESG performance: the role of ESG materiality in corporate financial performance and risks. URL: https://www.sciencedirect.com/science/article/abs/pii/S1062940825000105 (date of access: 25.03.2025).</mixed-citation></citation-alternatives></ref><ref id="cit23"><label>23</label><citation-alternatives><mixed-citation xml:lang="ru">Фанаты игр ненавидят компанию, которая отвечает за инклюзивность. URL: https://cyber.sports.ru/tribuna/blogs/fifa_r6_and_more/3228344.html (дата обращения: 11.12.2024).</mixed-citation><mixed-citation xml:lang="en">Gaming fans hate the company that is responsible for inclusivity. URL: https://cyber.sports.ru/tribuna/blogs/fifa_r6_and_more/3228344.html (date of access: 11.12.2024).</mixed-citation></citation-alternatives></ref></ref-list><fn-group><fn fn-type="conflict"><p>The authors declare that there are no conflicts of interest present.</p></fn></fn-group></back></article>
